Orascom wins approval for shares buyout

Cairo, June 26, 2013

The Dutch-listed parent of Egypt’s Orascom Construction Industries said it has received regulatory approvals to buy out other shareholders in the Egyptian subsidiary in a tender offer that begins on Thursday (June 27).

OCI NV said it will offer Dutch-listed shares or 255 Egyptian pounds ($36.38) in cash for each ordinary Egyptian share in the construction and fertilisers company. The offer ends on July 28.

In January OCI NV had offered a cash alternative of 280 pounds per share but in May reduced the offer without giving a reason.

The Dutch parent already owns about 70 per cent of the Egyptian listed shares.-Reuters